* Google Inc's co-founder Sergey Brin said it has developed prototype cars for fully autonomous driving. In a promotional video, Google showed off one of the prototypes, a two-seater vehicle that resembles a gondola on wheels. It has no steering wheel, accelerator pedal or brake pedal. Instead, the car relies on its own sensors and software to do the work. (http://r.reuters.com/nan69v)

* General Electric Co is willing to partner with French government in a possible alliance, Chief Executive Jeffrey Immelt told French lawmakers Tuesday as he tried to win their support for the company's $17 billion bid for Alstom SA's power equipment business. (http://r.reuters.com/san69v)

* After a turbulent few months marked by a management shake-up, lackluster performance and client withdrawals, Pacific Investment Management Co is turning to a familiar face to help soothe nervous investors. The money manager, based in Newport Beach, California, said it had rehired Paul McCulley, a former senior executive. (http://r.reuters.com/wan69v)

* Amazon.com Inc said Tuesday it does not expect a quick resolution of a contract dispute with Hachette Book Group that has led to Amazon restricting the sale of some Hachette titles. (http://r.reuters.com/xan69v)

* Congress should require data brokers to tell consumers more about how they collect and use information and give consumers greater control over their personal data, the Federal Trade Commission said on Tuesday. (http://r.reuters.com/zan69v)

FT

Google could face specially created "cyber courts" as Berlin looks at a range of mechanisms to settle disputes concerning individuals seeking to protect their privacy and search engines.

Spanish government failed to protect citizens from recent housing crash because of which many are left with heavy debts, according to a report by Human Rights Watch, an international non-governmental organization.

Britain's fraud office has launched a formal criminal investigation into GlaxoSmithKline, posing a new challenge to the drugmaker, which already faces claims of bribery in China and four other countries.

Siemens said it was preparing to make an official bid for for Alstom SA, and defeat rival offer by General Electric, in its bid to create two European leaders in power generation and rail.

M&G, the investment unit of Prudential Plc, and ING Investment Management rank among the insurers leading a push in real estate investment as both the companies pump millions into the property market.

NYT

* Restoring Ukraine's farming legacy will be crucial to the success of the country's newly elected president, Petro Poroshenko, as such efforts would go a long way toward fixing Ukraine's economy and reducing its dependence on Russia. (http://r.reuters.com/fym69v)

* The Federal Trade Commission on Tuesday called on Congress to protect consumers against the unchecked collection and sharing of their digital data by providing people with tools to view, suppress and fix their information. (http://r.reuters.com/hym69v)

* Google Inc has begun building a fleet of 100 experimental electric-powered vehicles that will dispense with all the standard controls found in modern automobiles. (http://r.reuters.com/kym69v)

* After Mohamed El-Erian's surprising departure in March, Pimco has now brought back a prominent former executive, Paul McCulley, to help the asset management firm reassure skeptical investors and bolster its intellectual credentials. (http://r.reuters.com/rym69v)

* Since 2000, the Securities and Exchange Commission has sought to ensure equal access to that commodity through a rule known as Regulation FD. The rule generally requires that if a company disclosed material information to one person, it must do so to all. Yet even with that requirement and with the flood of information that is out there, some investors still appear to be getting premier access. (http://r.reuters.com/tym69v)

* The World Bank, a famously bureaucratic institution, is undergoing its first restructuring in nearly two decades. The overhaul is intended to keep it relevant at a time when even the poorest countries can easily tap the global capital markets. (http://r.reuters.com/gen69v)

* A task force convened by the Obama administration issued the most detailed study yet of blight in Detroit on Tuesday and recommended that the city spend at least $850 million to quickly tear down about 40,000 dilapidated buildings. (http://r.reuters.com/hen69v)

Canada

THE GLOBE AND MAIL

* A candidate in the Alberta Progressive Conservative leadership race is promising to change land-use rules that have angered some rural voters. Jim Prentice told the Medicine Hat News that he would rewrite the Land Stewardship Act if he becomes premier and would be more careful about private property rights. (http://r.reuters.com/dep69v)

* Skin cancer, one of the most preventable forms of the disease, is also one of the fastest-rising in Canada, according to a new report from the Canadian Cancer Society that notes the death rate for all cancers combined continues to fall for most age groups. (http://r.reuters.com/cep69v)

Reports in the business section:

* Royal Bank of Canada, the country's largest mortgage lender, is offering real estate agents C$1,000 for referring five first-time home buyers, as competition among banks for first-time buyers has heated up. (http://r.reuters.com/fep69v)

NATIONAL POST

* Toronto Liberal Member of Parliament John McKay was secretly recorded criticizing party leader Justin Trudeau over his edict that prospective MPs must follow the party's pro-choice position on abortion. (http://r.reuters.com/qep69v)

* Councillor Doug Ford indicated on Tuesday that his brother, Toronto Mayor Rob Ford, intends to stay in the mayoral race when he returns from addiction treatment. (http://r.reuters.com/zep69v)

FINANCIAL POST

* It is becoming increasingly difficult for families to own a home in Canada and affordability is expected to get worse going forward, according to the Royal Bank of Canada. (http://r.reuters.com/kup69v)

* Canada's biggest financial institutions have agreed to voluntarily reduce service costs for those that need to save the most following discussions with a federal government eager to push its "consumers-first agenda". (http://r.reuters.com/pup69v)

China

CHINA SECURITIES JOURNAL

- Zhou Xiaochuan, governor of the People's Bank of China (PBOC), said the economy was in an "unusually intricate" situation and local branch offices needed to implement a prudent monetary policy to ensure economic stability and strengthen financial regulation.

- Song Liping, general manager of Shenzhen Stock Exchange, said the exchange would continue to promote and extend China's ChiNext board.

21st CENTURY BUSINESS HERALD

- Miao Jianming, president of China Life Insurance (Group) Co, said the company was going to get licences to start payment, securities and financial services, paving the way for the firm to become a full-fledged financial services company.

SHANGHAI SECURITIES NEWS

- Data from the China Insurance Regulatory Commission showed investments by insurers into stocks and equity funds reached 822 billion yuan ($131.6 billion) in the first four months of this year, accounting for just 10 percent of their total investment portfolio, which is a one-year low.

CHINA DAILY

- The government will release a detailed list of administrative fees for micro-sized and small enterprises as it seeks to alleviate the financial burden of a group of companies that are a source of economic dynamism, an official said on Tuesday.

SHANGHAI DAILY

- Shanghai plans to establish 8-10 smart parks with top-class technologies such as cloud computing and Big Data by 2015 as it looks to lead the sector nationwide, the city's information technology regulator said.

PEOPLE'S DAILY

- Stabilising and developing Xinjiang is the primary goal, the newspaper said in a commentary.

The chief executive of TSB Banking Group <IPO-TBS.L> declared that his company would do more to change the face of high street banking in Britain than any other challenger bank as he set out ambitious expansion plans in the wake of its 1.5 billion pound flotation next month.

Britain's biggest building society Nationwide will emerge on Wednesday as one of the principal winners from a new system designed to encourage customer mobility when it discloses that it opened more than 420,000 current accounts last year.

High street banks have reduced the number of mortgage approvals for the third month in a row, despite their total value reaching a six-year high. The British Bankers' Association said 12.2 billion pounds in loans were activated in April.

Auxilium (AUXL) upgraded to Buy from Neutral at MKM PartnersDreamWorks Animation (DWA) upgraded to Hold from Sell at TopekaFormFactor (FORM) upgraded to Buy from Neutral at B. RileyThe Pantry (PTRY) upgraded to Outperform from Neutral at MacquarieTwitter (TWTR) upgraded to Buy from Neutral at NomuraVince Holding (VNCE) upgraded to Buy from Hold at KeyBancWilliams-Sonoma (WSM) upgraded to Overweight from Neutral at Piper Jaffray

Downgrades

Dollar General (DG) downgraded to Hold from Buy at Deutsche BankLive Nation (LYV) downgraded to Neutral from Buy at Sterne AgeeLowe's (LOW) downgraded to Sell from Hold at CanaccordNautilus (NLS) downgraded to Neutral from Buy at B. RileyVodafone (VOD) downgraded to Hold from Buy at Berenberg

InitiationsCoca-Cola Enterprises (CCE) initiated with a Neutral at ISI GroupDelek US (DK) initiated with a Buy at BofA/MerrillNimble Storage (NMBL) initiated with a Neutral at MacquarieVeeva (VEEV) initiated with an Overweight at JPMorganWaste Management (WM) initiated with an Outperform at Imperial Capital

Indeed, Google has become the most evil corporation in the world. Just ask almost any small e-commerce retailer who has been Wal-Marted over the last few years with the Google algorithm updates. There is ZERO integrity to search anymore thanks to Google.

Page one of search results is now a who's who of mega-cap corporations who generally have no relationship whatsoever with the search term.

Oh, and then there's the cooperation with tyrannical gubbermints everywhere.

The next housing bust will be much worse I'm afraid since few corrections were made last time and many of the previous problems still exist. Handing houses to people who cannot afford them does not end well. It's as simple as that.

Owning a home is a big responsibility that needs time, work and money. Buyers hwo don't have the 20% to put down are a sign they are not ready for a house.

...And so when housing prices fall, as they shall per your first paragraph - there should be more buyers that are "ready" per your second paragraph. But there will be no more "ready" buyers, as the middle class is eroded away with debasement of the currency and dwindling affordable energy inputs (gas, food, etc).

The above paradigm boxes you in far too much, NeverOneRoach. Perhaps worked 20 years ago, but that is not QE-enabled thinking. The value of our currency is being killed, and conscientious home buying will solve zero issues. Everyone should consider life outside the box & what that might mean for us generally and for themselves specifically. Context matters, and erosion can happen slowly over time (as it has for the last several years) and then - Bam! - all at once.